UK stocks open flat as investors await Brexit, US-China trade cues

StockMarketWire.com - UK stocks tracked sideways at the open on Wednesday as investors awaited more developments in Brexit negotiation and US-China trade talks.

At 0859, the FTSE 100 had inched up 1.13 points to 7.184.56.

Insurer Legal and General fell 3.9% as a weaker performance in its investment portfolio held annual profit growth to just 2%.

Gambling company Paddy Power Betfair fell 0.4% after it posted 11% decline in annual profit, partly owing to investment spending in its young US sports betting business. The company also kept its dividend flat.

Just Eat slipped 2.9%, despite swinging to an annual profit, as its earnings met its recently-downgraded guidance, amid rising competition from the likes of Uber Eats.

Defence and aerospace focused Ultra Electronics rallied 7.7%, even as it posted a 30% fall in annual profit pinned on cost overruns and 'sub-optimal' commercial processes that management pledged to improve.

Subprime lender Provident Financial said it had substantially resolved its outstanding regulatory issues as part of its campaign to rebuff a hostile £1.3bn takeover bid from Non-Standard Finance. Its shares fell 0.8%.

Recruitment company PageGroup rose 1.5% as it notched a 20% rise in annual profit, after a strong performance at its overseas businesses offset weakness at home in the UK.

Africa-focused fuel retailer Vivo Energy shed 0.7%, despite it posing a 13% rise in annual profit, as it warned of margin pressure in 2019 due to tougher conditions in Morocco.

Temporary power unit renter Aggreko gained 0.7% on posting annual results in line with market expectations.

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